1) Thai stock market overview
Thailand’s SET Index closed at 1,633.87 points, increased 11.87 points or 0.73% with a trading value of 70 billion baht. The analyst stated that the Thai stock market moved in positive territory in response to purchasing power in big-cap stocks that moved the index by large such as GULF and other energy stocks. The analyst expected SET Index could test 1,640-1,650 level tomorrow while recommending investors for domestic-reopening plays.
2) Russian economy minister upwardly revises 2022 GDP to 2.9% contraction
The Russian economy is expected to contract by 2.9% in 2022, Economy Minister Maxim Reshetnikov said on Tuesday as reported by Kremlin’s news agencies. The economy minister expected its economy to perform better in 2023-24, seeing the Russian economy to top 3% a year after 2024.
The forecast has been upwardly revised from August’s 4.2% contraction for 2022 and a 2.7% fall in GDP in 2023.
3) German industrial orders post six-straight monthly decline
German industrial orders shrank for the sixth straight month in July as Europe’s largest economy continues to suffer from the impact of the Russia-Ukraine war.
The country’s economy ministry said on Tuesday that orders for industrial goods in July fell 1.1% on the month in seasonally adjusted terms, citing figures from the federal statistical office. Meanwhile, orders were down 13.6% compared to the same period last year.
Domestic orders in July fell 4.5% while orders from abroad expanded by 1.3%.
4) Thai Healthcare’s growth to slow down in 3Q22 as market optimism priced in
The Thai healthcare sector’s growth is expected to slow down in 3Q22 as demand for medical tourism seems to normalize after a rapid recovery, said UOB Kay Hian.
The think tank forecasts a return to normalcy in treatment demand and revenue intensity as recreational tourism recovers more quickly than in comparison.
As healthcare companies’ profit margins are likely to be squeezed by rising minimum wage and incentive payments from inflationary pressures, UOB Kay Hian has downgraded its sector recommendation to “underweight”.
